Discounted Cash Flow (DCF) Analysis Unlevered

Aptevo Therapeutics Inc

Aptevo Therapeutics Inc (APVO)

$7.29
0.08 (+1.11%)

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 45.6333.609.9814.6623.0732.4235.5438.9642.7146.8151.32
Revenue (%)
EBITDA -49.69-58.43-128.74-13.18-51.30-38.21-118.61-130.02-142.52-156.23-171.26
EBITDA (%)
EBIT -51.71-61.34-132.11-16.31-53.69-40.45-123.67-135.56-148.60-162.89-178.55
EBIT (%)
Depreciation 2.022.913.363.132.392.235.065.546.076.667.30
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 3.594.6454.5380.7830.6412.4576.4283.7791.82100.66110.34
Total Cash (%)
Account Receivables 15.137.830.312.145.227.027.027.698.439.2410.13
Account Receivables (%)
Inventories 17.6320.320.461.031.796.148.148.929.7810.7211.75
Inventories (%)
Accounts Payable 11.478.452.513.695.808.158.949.7910.7411.7712.90
Accounts Payable (%)
Capital Expenditure -0.99-1.53-2.51-1.40-0.98-0.15-2.73-3.00-3.28-3.60-3.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.29
Beta 2.514
Diluted Shares Outstanding 2.92
Cost of Debt
Tax Rate 9.51
After-tax Cost of Debt 4.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 22.471
Total Debt 19.86
Total Equity 21.27
Total Capital 41.13
Debt Weighting 48.29
Equity Weighting 51.71
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 45.6333.609.9814.6623.0732.4235.5438.9642.7146.8151.32
EBITDA -49.69-58.43-128.74-13.18-51.30-38.21-118.61-130.02-142.52-156.23-171.26
EBIT -51.71-61.34-132.11-16.31-53.69-40.45-123.67-135.56-148.60-162.89-178.55
Tax Rate 1.16%3.29%19.46%112.48%0.00%9.51%24.32%24.32%24.32%24.32%24.32%
EBIAT -51.12-59.32-106.392.03-53.69-36.60-93.60-102.60-112.46-123.28-135.14
Depreciation 2.022.913.363.132.392.235.065.546.076.667.30
Accounts Receivable -7.307.52-1.83-3.08-1.800.01-0.67-0.74-0.81-0.89
Inventories --2.7019.86-0.57-0.76-4.35-2.00-0.78-0.86-0.94-1.03
Accounts Payable --3.02-5.941.172.112.350.780.860.941.031.13
Capital Expenditure -0.99-1.53-2.51-1.40-0.98-0.15-2.73-3.00-3.28-3.60-3.95
UFCF -50.08-56.36-84.102.53-54.00-38.32-92.48-100.65-110.33-120.94-132.57
WACC
PV UFCF -92.48-88.45-85.19-82.06-79.05
SUM PV UFCF -375.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.80
Free cash flow (t + 1) -137.87
Terminal Value -1,406.88
Present Value of Terminal Value -737.13

Intrinsic Value

Enterprise Value -1,112.56
Net Debt 7.42
Equity Value -1,119.97
Shares Outstanding 2.92
Equity Value Per Share -383.94